Tips for getting Easy Personal Loan Singapore

To cope with some short term needs or better to say emergency needs there is demand for personal loan almost in every corner of the globe. Even in Singapore too personal loans are offered to people not for any specific major asset building needs but for such needs which are immediate and can be funded back to lenders in given short period of time. But if such loan is availed without any proper planning and just for amusement then it may turn out to be an expensive affair. Check out the below tips which can help you in getting Easy Personal Loan Singapore.

Do not apply for personal loan before any major loan: Ensure that you do not apply for a personal loan before 2-3 months of making application for a major loan to buy a car or house. When applying for loan for car or house, one major factor is DSR which means Debt Servicing Ratio. This ratio decides as what percentage of the income you make monthly will go for loan repayment for house or car along with other overheads. The more the amount of personal loan you have before taking mortgage or car loan, less will be your eligibility for major loan.

Opt for specific loans to get cheaper rates: When you have the option to get specific loans for specific needs of life then don’t make the mistake of availing a personal loan for the same. If you want to go for home renovation, apply for home renovation loan, when you need loan for education needs apply for education loan. Specific loans are much cheaper than personal loans which can save the excess money you pay as interest.

Make comparison before you apply for Easy Personal Loan Singapore: The rate of interest for personal loan varies from one firm to the other and changes even faster than that. It is must for you to research on the loan market and find the best lending agency which can offer you the required amount of loan at the cheapest rate.

Do check the information about penalties to be charged: If you are not checking the penalty details of the personal loan then you are making a mistake. we know that you don’t have any intention to pay late but still if in the odd case if you miss an EMI then you need to pay the penalty. Two banks when giving same rate then checking the penalty rates will be a must to do activity.

Searching online will give you the scope to get the list of banks and legal lending agencies which are offering personal loans to citizens of Singapore and also to the ex pats. Almost all personal loans are unsecured in nature. Such loans don’t attract any collateral as a result of which issuing banks don’t get any security for such loans from borrowers. To compensate the risk taken by them and the privilege given to borrowers banks and lending agencies ask for expensive rates.